Cemex Philippines controlling stockholder sets P2-B tender offer

Cemex Holdings Philippines Inc., the local unit of global cement giant Cemex Group of Mexico, announced a P2-billion tender offer to purchase a portion of shares held by minority stockholders, triggering an intraday share price jump of almost 20 percent on Wednesday.

The listed companys controlling stockholder, Cemex Asian South East Corp., will bid for 1.61 billion shares at P1.30 each, which will shrink the companys public float from nearly 22 percent to just above the minimum 10 percent required by the Philippine Stock Exchange.

The tender offer is proposed to be conducted for the purpose of increasing and consolidating the bidders interests in [Cemex Philippines]. The bidder further stresses that the tender offer is not being conducted for delisting purposes, Cemex Philippines said in a stock exchange filing on Wednesday.